By refusing to sign waivers of immunity, the Directors of the Interborough Rapid Transit Company yesterday prevented the Transit Commission from questioning them about their motives and methods in the reorganization of the Interborongh-Metropolitan Company in 1916 and the voting of 20 per cent. dividends in years when heavy loans mere negotiated and subway operating deficits were piling up. View Full Article in Timesmachine »

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A version of this archives appears in print on December 2, 1921, on Page 1 of the New York edition with the headline: I.R.T. HEADS REFUSE TO WAIVE IMMUNITY; COMPULSION PLANNED; McAneny Tells Belmont Board Will Use All Its Powers to Get the Facts. BIG STOCK PROFITS DENIED Traction Chairman Says Directors Lost Money by Decline in Interborough Shares.INVESTIGATED 'AD NAUSEAM'Company Defended as Lending Surplus to Construction Account for New Lines. Denies Big Profits in Stocks. Can't Waive Immunity Now. I.R.T. HEADS REFUSE TO WAIVE IMMUNITY Only Belmont Called. Counsel Defends Refusal. Worked for Unified System. How Credit Dwindled. Line of Least Resistance. Investors Scared Out. Order Reprints|Today's Paper|Subscribe